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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 57
For the current year, CCP, Inc.received the following interest income:
• $12,000 interest from Irvine City bonds: Bonds issued in 2006 and proceeds used to fund public schools.• $20,000 interest from Fluor Corporation bonds.• $8,000 interest from Mission Viejo City: Bonds issued in 2008 and proceeds used to lure new business to the area.• $6,000 interest from U..Treasury notes.a.What amount of this interest income is taxable to CCP?
b.What amount of interest should CCP report as a preference item when calculating its alternative minimum tax liability?
• $12,000 interest from Irvine City bonds: Bonds issued in 2006 and proceeds used to fund public schools.• $20,000 interest from Fluor Corporation bonds.• $8,000 interest from Mission Viejo City: Bonds issued in 2008 and proceeds used to lure new business to the area.• $6,000 interest from U..Treasury notes.a.What amount of this interest income is taxable to CCP?
b.What amount of interest should CCP report as a preference item when calculating its alternative minimum tax liability?
Explanation
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Case Fact:
Interest received from priva...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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